A benefit of risk management is: O A. It discourages the acceptance of financially unsound projects O B. Risks can be transferred to other people at no cost O C. It will justify high contingency O D. The risks can be managed by the project team
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- The process of developing methods for responding to project risks is called: a. Plan risk reactions. b. Plan risk responses. c. Plan risk monitoring. d. Plan risk management. e. Plan risk mitigationa) Explain with examples the differences between the following pairs of terminologies in project risk management:i.Proximity and Dormancy of a Riskii.Stakeholder Risk Threshold and Toleranceiii. iv.Variability Risk and Ambiguity RiskQualitative Risk Analysis and Quantitative Risk Analysis Risk Review and Risk Audit.b) During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the risk register. As a project manager, list and briefly explain the steps you will take to manage this risk.c) As a project manager, you will be required to implement risk response plans for your projects. List and explain any five (5) typical outputs of this process.(a) Project risk management is a process to identify, analyze and responding to any risk that arises over the life cycle for the project remains on track and meet the goal. You as a project manager, suggest the step-by-step idea to manage the risks.
- In Risk Management Plan, when a new risk is identified, as a Project Manager, you should: a. Bypass the new risk b. Ignore the new risk c. Delete the new risk d. Document the new risk3.1 Describe the relationship between uncertainty and project risk management. 3.2 Discuss the use of time planning as a project risk management tool.Project Managent 12. Explain the concept of risk management in projects. b. Outline and explain four (4) critical terms in risk managent
- b) As a Project Engineer, cost control is one of the areas that is pertinent to project budget. When project cost is over-run against project budget, what will be the challenges as an engineer that you will be to be concerned? Please list down 3 concerns and elaborate on your answers. (CO1, C4)Do make sure you answer all the three as I am aware of your guidelines and also, all the questions lies under the same concept, thank you in advance. A. Identify the three major criteria (trade-offs) a project manager must consider in establishing priorities in project management. List the three criteria and explain one of them. B. identify two conditions to choose between the Top-down and Bottom-up approaches to estimate time and cost of projects. C. Identify two sources of risks, a good project manager should take into consideration in preparation for project management.Managing risk in project is the responsibilities of all stakeholders. Althoughthe potential risk cannot be eliminated, however, the potential risks to happen can be minimized and reduced. In organization, risks can come from all aspects such as business, technical, market, program, or other types of risks. 1. Describe TWO types of analysis processes conducted in performing risk analysis and management.2. List and discuss any THREE types of risk components that can be used to classify the severity level of risk categories. 3. Evaluate how organizations identify, manage, and minimize risks by adopting the use of risk register table?
- What are the steps involved in risk management?(project management)1.Four possible alternatives a project organization can adopt in deciding how to address risk.Page 3 of 5You have recently gained your APM Risk qualification and have been asked to join the University’s project team on a consultancy basis to help implement a robust riskmanagement process on the project.Section A Questionsa) List 5 Stakeholders in the projectb) State the main objectives and success criteria for the project.c) Prepare a draft risk management plan, completing all relevant sections with information obtained from the case study. Marks will be awarded according to the following scheme:i.Introductionii.Project Description iii.Purpose and Scope of Risk Managementiv.Risk Management Organisation v.Risk Management Process vi.Key deliverables d) State 5 risks that may occur on this project. Ensure that risks are stated using the formatcause – risk event – effect. e) For 2 (two) of the stated risks State who (in your opinion) the potential owner would be Explain (again in your opinion) what could be done to respond to the risk State (in your opinion) what would be the…